09 · Hardware & Infrastructure
Capex
Capital Expenditure
Upfront spending on data centres, chips, and infrastructure. The largest US tech companies have together committed roughly $725 billion for 2026 alone — up from about $410 billion in 2025.
Concrete example
When Amazon or Microsoft guides to $190B+ in yearly capex, the bulk is AI data centres and chips.
Why it matters
A central input to the AI infrastructure thesis — and a number to watch for signs of over- or under-building.
Nearby in Hardware & Infrastructure
Evidence
Sources for this definition
- 1Big Tech AI spending plans reach $725 billion
Tom's Hardware, citing company guidance compiled by the Financial Times · Reporting · checked 2026-07-13